Honesty and Integrity: CK Appraisals

We think of our job as a profession. Requirements to become a licensed appraiser have increased more than ever in the past. So it goes without question in this day and age that real estate appraisal can certainly be dubbed a profession rather than a trade. In our field, as with any profession, we must follow strict ethical considerations.

We have a great deal of obligations as appraisers but above everything we answer to our clients. Typically, for a standard residential appraisal, the appraiser's client is the lender ordering the appraisal. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you would like to review an appraisal report, you generally have to obtain it from your lender. Other responsibilities also include, accurate calculations appropriate to the scope of the report, acquiring and keeping a particular level of competency and education, and the appraiser must conduct him or herself as a professional. Maintaining high ethics is just normal course of business for us at CK Appraisals.

Appraisers will often be obligated to consider the interests of third parties, including homeowners, both buyers and sellers, or others. Normally the third parties are clearly defined in the appraisal report. An appraiser's fiduciary duty is only to those third parties who the appraiser knows, based on the scope of work or other written parameters of the job.

Appraisers also have standards outside of boundaries of with whom we share information For example, appraisers must store their work files for at least five years - at CK Appraisals you can rest assured that we abide by that rule.

While busy with an assignment, we follow the highest ethical standards possible. Doing orders on contingency fees is not something we can consider That is, we are not able to agree to do an appraisal report and collect payment on the contingency of the loan closing. We can't do assignments on percentage fees. That is probably the appraisal professions biggest no-no, because it would tend to make appraisers increase the value of homes or properties to increase their fee. We don't do that. Other improper practices may be defined by state law or professional organizations to which an appraiser belongs.

The Uniform Standards of Professional Appraisal Practice (USPAP) also states a violation in ethics as the acceptance of an assignment that is contingent on "the reporting of a pre-determined result (e.g., opinion of value)," "a direction in assignment results that favors the cause of the client," "the amount of a value opinion," as well as other situations. We follow these rules to the letter which means you can be at ease knowing we are working hard to provide an unbiased determination of the home or property value.

As soon as you engage CK Appraisals we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.